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(M2) Bearish Conditions

  • RES 4: 111.430 High Mar 18
  • RES 3: 111.327 20-day EMA
  • RES 2: 111.170 High Mar 23
  • RES 1: 110.915 Intraday high
  • PRICE: 110.795 @ 05:35 GMT Mar 28
  • SUP 1: 110.775 Intraday low
  • SUP 2: 110.602 38.2% retracement of the 2011 - 2020 bull cycle
  • SUP 3: 110.590 Low Jun 10/11 2014 (cont)
  • SUP 4: 110.475 Low May 12 2014 (cont)

Schatz futures remain vulnerable and have resumed their downtrend today. The continued move lower strengthens bearish conditions and confirms a resumption of the underlying downtrend plus, it marks an extension of the broader bearish price sequence of lower lows and lower highs. 111.00 has been cleared and this paves the way for a move towards 110.602, a Fibonacci retracement. Initial firm resistance is seen at 111.170.

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